PALO ALTO, Calif., June 24 /PRNewswire-FirstCall/ -- CV Therapeutics, Inc. (Nasdaq: CVTX) announced today that in conjunction with the commercial launch of Lexiscan(TM) by Astellas Pharma US, Inc., CV Therapeutics has earned a milestone payment of $10 million from TPG-Axon Capital, through an affiliated entity (TPG-Axon). CV Therapeutics will recognize the milestone as revenue earned in the second quarter of 2008.
The U.S. Food and Drug Administration (FDA) approved Lexiscan(TM) (regadenoson) injection, an A2A adenosine receptor agonist, for use as a pharmacologic stress agent in radionuclide myocardial perfusion imaging (MPI) in patients unable to undergo adequate exercise stress, on April 10, 2008.
On April 15, 2008, CV Therapeutics announced the completion of a non-dilutive financing transaction with TPG-Axon in which TPG-Axon agreed to pay up to $185 million in exchange for rights to 50 percent of its royalty on North American sales of Lexiscan(TM). CV Therapeutics received $175 million on closing of the transaction and has now earned an additional $10 million milestone associated with the commercial launch of the product, which Astellas announced today.
CV Therapeutics retains rights to the other 50 percent of royalty revenue from North American sales of the product, and also may receive a royalty on another Astellas product under the terms of the company's collaboration agreement with Astellas.
"The commercial launch of Lexiscan(TM) marks the culmination of a
decade of work at CV Therapeutics where we discovered regadenoson and did
the clinical, manufacturing and regulatory work needed to bring this
important innovation to physicians and patients," said Louis G. Lange, CV
Therapeutics chairman and chief e
|SOURCE CV Therapeutics, Inc.|
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